Program Purpose and Eligibility

The Small and Minority-Owned Business Assistance Program was created by the Tennessee General Assembly by Chapter 830 of the Tennessee Public Acts of 2004. The Program is designed to support outreach to new, expanding, and existing Qualifying Businesses in Tennessee that do not have reasonable access to capital markets and traditional commercial lending facilities.

A Qualifying Business is a Sole Proprietorship, a Partnership, a Limited Liability Partnership, a Limited Liability Corporation, or any other Incorporated entity eligible to do business in Tennessee; and is located in and maintains operations in Tennessee with annual gross receipts of less than $4,000,000. 

Businesses or Organizations that are Ineligible for Program Assistance are:

• Churches
• Non-profit Organizations.
• Insurance Companies.
• Real Estate Contractors or Developers.
• Night Clubs or Similar Entertainment-Oriented Businesses.
• Business that do not create or provide jobs.
• Businesses not incorporated or located in Tennessee.
• Businesses that do not meet the lending criteria of the designated Qualified Organizations (Lenders) for each region of the State.